Summertime is the perfect time to go out for a picnic. It turns out the picnicking process is a lot like banking:
Picking a location. Before you start packing a basket, the first decision you’ll have to make is where you want to go. Maybe you want a large, open field, a quiet spot in the woods, or a spot on the water. If you have a dog along for the ride, you have to look for parks that are dog-friendly.
Similarly, when chose a bank, you have to select the institution that best suits your needs and financial goals. Are you just interested in savings, or do you need additional services such as retirement? Do you want someone available to speak with when you have questions, or are you more of a hands-off person? Before you commit to a particular bank, figure out what is important to you so you can ask the right questions.
The Menu. There’s plenty of different ways to approach the meal portion of the picnic. Some people prefer to go the finger-food route, others may prepare something a bit more extravagant, or simply get take-out from a favorite local eatery. There’s no wrong way to handle the food portion of your picnic, unless you don’t bring any food at all!
Organizing your banking is similar in that there’s no “wrong” way, it’s simply a matter of what your personal preferences are and where you are in life. For example, if you are in your early 20s and decide to set up a retirement plan, you get to choose to contribute an automatic set amount from your paycheck. In your 30s or 40s, you might revisit this plan and decide to contribute a higher amount or at a greater frequency.
The “Extras.” So, you have a venue and a menu, but what about all the other things that go into a picnic? Maybe you’ll want a blanket to sit on, or a fun basket to transport the food. You might even bring a frisbee or some books for entertainment. Although these items aren’t necessary for a picnic, they can make the experience more fun and enjoyable.
From a banking perspective, “extras” can include extra resources that can help you reach your financial goals. These include apps like the Oak Bank Mobile banking app, helping you do most any frequent banking activity from your smartphone. Another “extra” could be things like safety deposit boxes or epayments (yes, we have both).
Back Up Plan. There can be a lot of risks with picnics. There might be a sudden rainstorm, a squirrel could run off with your food, something could spill- the list goes on. The key is to have a back-up plan so that these potential mishaps don’t ruin the day. Make sure you have an umbrella or extra outerwear in case the weather takes a nasty turn, pack an extra sandwich just in case, and bring napkins or wipes to clean up any messes.
Life happens, and while it’s good to have a budget in place, you may also want to consider having an emergency fund in place for those “life” events. You may also be interested in things like overdraft protection or a line of credit. Think about it, you don’t want to deal with a banking emergency when you are in the middle of one.
When it comes to banking, we at Oak Bank are here to make the experience like a picnic for our clients! To learn more about what we can do for you, visit our services page here.